Sterling and Wilson Renewable Energy shares jumped close to 7 percent in early trade on December 23 after the company announced bagging a domestic order worth nearly Rs 1,200 crore.
The company has secured an order for the Design, Engineering, Procurement, and Construction (EPC) of the Balance of System (BOS) for a 500 MW (AC) Solar PV project in Gujarat. This includes single-point responsibility for the EPC, along with operations and maintenance services for a three-year period.
“We are proud to receive this prestigious order, which will support India and especially Gujarat’s transition towards clean energy. India is one of the world's largest energy markets and must therefore focus on sustainable options to mitigate climate challenges while strengthening energy security, job creation and economic growth," Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group said in an exchange filing.
"We therefore remain confident about the future growth of India’s renewable energy sector and our increased role towards supporting it," he added.
At 09.55 am, shares of Sterling and Wilson Renewable Energy were trading at Rs 465.25 on the NSE. The surge in the stock price was also led by an uptick in trading volumes in the counter. As much as 14 lakh shares of the company changed hands on the exchanges thus far, already exceeding the one-month daily traded average of 13 lakh shares.
Earlier this month, the company had bagged another order worth Rs 504 crore for a solar project in Rajasthan.
These order wins will support Sterling and Wilson Renewable's goal of achieving its annual revenue target of Rs 8,000 crore for FY25. Sterling and Wilson Renewable's order book also stood at an all-time high of Rs 10,549 crore as of October 15.
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